New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-05-02
Tile PETROLEUM AARKEL

NEWS FROM THE FIELD AND RANGE OF PRICES
The most important affecting the petroleum
situation agreement curly in March between the
National Transit Company and the Producers Committee
was last Thursday in the Pennsylvania Senate
OF Bingsley bill by vote OF IS TO L. The Significance
only realized imagining the consequences
that would have followed the OF tho II
wouId have litigation aud commercial confusion and
have cast the weight influence great refining
against possible Improvement in values With
bill OF the these interests morally certain To
favor fullest extent any Wild speculation, but
whatever improvement the commercial conditions may Justify
Transit Company proof Of its cool faith
producers and Of the sincerity OF its opposition to the
posed by Immediately announcing that the rate Of
storage on would effect May l. Two
the time at the March
The business OF the week and the month
begin with charges fixed at % cents
for 1000 per day, a reduction OF Is An i'm
portan favorable effect ought be erered by this lowering
OF the carrying the time tho reduction
agreed upon made comparisons OF the difference IN
carrying under the Old and under the rate
1t may be interesting revert to OF these at tins
$3.50, the interest which at the rate
ay on , pr oo ee"i barrels under The Cd storage
e'a daily cost Of 5 al os Toa S be
rate now 10 effect would make a
barrels oil !. freely accepted collateral
bank With money at per cent per annum
ing 900 6arrcs at ~ cents VIII nov amount to only ire
only 80 Is Investors who operate not for weeks or
year will Keeny appreciate tightening OF the burden OF
the bull side The floor rate ought not normally to rule here
after above 40 10 80 cents
rs commercial phases the petroleum position underwent
ing N view q the danger OF possible success o. TIE ayS
pipe line deliveries last month wall not much exccf
10000 barrels enormous falling OF from March The Rms
VIII be smaller than for previous month this year Hence
change in baud. far as The Pensyiyaua
field situation conceDc, IL generally favorable TO holders
derfuly stable at high nguet Inc gauge on Saturday
showed yc 4S3 barrels from 40 wells an average OF
factory sap" and some careful observers among tho 1ne
reners report indications that the total oil trade OF RUSSIA
sdeTng all the circumstances better values aud prosperity
wouh be assured 10 the Pennsylvania product were
oil H0' 1t is hardly lair to eo%sSer lie 6o stun
dangerous rival OF Pennsylyana petroleum until we have
rcucrs 1t VIII do forget existence OF these
western fields Ia considering ths possible extent OF i'm
Ohio oil ought 10 figure agent Of depression
until mnch higher OF values has been established
oyed great activity II did last week We called alton
lion last Monday 10 the Indications in the marsel OF an al
and important Tho market opened du and showed some
nervousness around G cents on the ease with which The
proved 10 be simply due TO the desire OF friend and foe o the
bill alike swords aud end the which Tor
with the growing impression that the measure woulh
fail prices strengthened heayy pureaSse" h mere
day Witnessed an oldfashoned "hnrrah.' Prices
touched IS cents that day tho next day nearly
isS tone to the late Trading prices nearly
from the best quotation OF the week. although showing
chances favor further reaction this week AMI raer
rule are courng IT, There IS more hopeful feeling;
fresh bnyinE viii probably at lower figures The
market closed steady under goo1 deal Of iamering
Transit CERTIFICATES at the Consolidated AMI Petroleum
Exchange for the last three weeks we're as follows